In temporary: Japanese audio tools maker Onkyo not too long ago filed for chapter, citing complete liabilities of three.1 billion yen ($24 million). According to a report from Nikkei Asia, an incapacity to maintain tempo with modifications in how folks take heed to music led to the corporate’s demise.
Onkyo was established in 1946 and ultimately grew to become a well-respected identify within the audiophile neighborhood, largely attributable to its AV receivers. Japanese manufacturers together with Onkyo, Pioneer and Sony surged within the 90s with the recognition of tower-style, element stereo techniques.
The market began shifting within the 2000s, nevertheless, with the arrival of MP3s, the not too long ago discontinued Apple iPod and later, smartphones and streaming music providers. Large house stereo techniques fell out of favor with customers who have been now extra interested by sleeker techniques like soundbars and cell options.
Onkyo tried to stay related, launching a collection of headphones and earbuds in subsequent years.
In 2015, the corporate tried to fortify its enterprise with the acquisition of Pioneer’s shopper electronics division however was by no means in a position to absolutely proper the ship. It raised the opportunity of delisting on the Tokyo Stock Exchange in January 2021 and shortly after, Voxx International and Sharp Corporation bought Onkyo. In August, the audio tools maker was certainly delisted from the inventory change.
Nikkei Asia’s report notes that Voxx and Sharp will seemingly preserve utilizing the Onkyo model identify.